A jump in revenue from slightly higher grain traffic in the last three months of 2011 helped bolster a beleaguered Canadian Pacific Railway in its fourth fiscal quarter (Q4).
CP on Jan. 26 booked net income of $221 million on total revenues of $1.408 billion for its quarter ending Dec. 31, up from $186 million on $1.294 billion in the year-earlier period.
During the quarter, Calgary-based CP moved about 121,000 carloads of grain, up three per cent from 118,000 in the year-earlier Q4 — but it posted total grain revenue of $323 million, up eight per cent from $299 million in the previous Q4, for revenue per carload of $2,669, compared to $2,534 a year earlier.
Read Also
Manitoba canola industry has new frontiers
Canola oil is still the main priority for the sector, but canola meal is increasingly the subject of research looking for new markets and uses for the oilseed’s byproduct.
“During the fourth quarter we delivered record asset velocity, a direct link to better service, positioning us for a lower operating ratio,” CP CEO Fred Green said in a release.
CP posted a slightly lower profit for the full year, booking $570 million in net income on $5.177 billion in revenues, down from $651 million on $4.981 billion in fiscal 2010.
CP’s total revenues from grain traffic were down three per cent for the year at $1.1 billion, compared to $1.135 billion in fiscal 2010. Grain carloads were down four per cent at 450,000, for revenue per carload of $2,444, up one per cent.
